Critical Illness Also Hurts Financially
Is it possible that an illness could keep you away from work and home for a significant period of time? How long would you need to be away before it had an immediate or long term financial and emotional impact? What about if your spouse became ill – Could you easily take an unpaid leave of absence from work to care for them? How long could you be away for?
Illness can strike at any time. Fortunately there are products that can help manage the risk for such situations lessening the financial burden. A Critical Illness insurance plan typically covers a diagnosis of a serious illness like cancer, heart attack, stroke, or any other of the 20 to 25 illnesses which meets the definitions set out in the policy and can provide a lump sum payment, when passing the survival period which is normally 30 days. You can get a tax-free lump sum of up to $2 million after diagnosis. There are also provisions that if you stay healthy or die of another cause, you get all your money back!
You are free to spend the money as you wish, such as taking an income supplement while off work pay for special medical care that is not covered like private nursing, medical equipment or out-of-country treatment. You could even pay off your debts like a mortgage or line of credit. Most importantly it lets you focus your energy on recovery and getting better rather than dealing with the financial stress an illness can cause.
Did you know that 40% of Canadian women and 45% of Canadian men will develop cancer during their lifetimes? Did you know that that in recent years, the rate of survival among patients hospitalized for a heart attack has increased to 92%? (Sources: Canadian Cancer Society, Heart and Stroke Foundation)
Statistics show that the risk of suffering and surviving a critical illness is very real and chances of survival are far greater than dying under the age of 65. Survival rates continue to improve with advances in medical technology and medicine. A majority or people diagnosed before the age of 75 survive, yet possibly, with greater financial challenges. We all like to think “it won’t happen to me” and few of us can bear the thought of suffering a critical illness.
Additionally more and more people have plans to work longer delaying retirement. This places a greater risk of critical illness and financial stability. Could you have written a cheque for $25,000 yesterday if you were diagnosed? How about for $150,000? What if you can’t qualify tomorrow? The time to act is now – don’t wait till it’s too late.
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Contact Us for more information about how this could work for you.
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Manulife’s Lifecheque Basic Critical Illness Insurance offers:
– Coverage for 5 major illnesses including cancer, heart disease, stroke, aeortic surgery and coronary artery bypass surgery.
– Lump sum payments of $25,000, $50,000 or $75,000 with a Return of Premium option.
– Coverage for applicants between the ages of 18 and 75.
Click here for more information on Lifecheque Basic Critical Illness Insurance and to quote and apply on-line.
